Tanzanian businessman and former politician Rostam Aziz has agreed to acquire a controlling stake in Nation Media Group (NMG), the parent company of several major media outlets in East Africa, including Daily Monitor, NTV Uganda and KFM.
The deal will see Aziz’s company, Taarifa Ltd, take over the entire shareholding held by the Aga Khan Fund for Economic Development (AKFED) through NPRT Holdings Africa Limited, which owns 54.08% of NMG.
NMG is one of the largest independent media organisations in the region, with operations spanning Kenya, Uganda, Tanzania and Rwanda.
In Uganda, its assets include the Daily Monitor newspaper, NTV Uganda television station and KFM radio.
The value of the transaction has not been publicly disclosed, but the acquisition is widely viewed as the most significant ownership shift in the East African media industry in decades.
AKFED announced Tuesday that it had entered into an agreement to sell its entire stake in NPRT Holdings Africa Limited to Taarifa Ltd. The transaction will end AKFED’s 66-year association with the media house, which began in 1959.
In a joint statement, AKFED and Taarifa Ltd said the change in ownership would support the group’s next phase of growth, particularly in digital media.
“NMG is now poised to expand its impact through further investment in its digital transformation. Taarifa Ltd is committed to supporting this transition and accelerating NMG's digital growth, enabling the group to strengthen its connection with customers and build on its long-standing tradition of public interest journalism,” the statement said.
The transaction is expected to be completed within three to four months, subject to regulatory approvals.
Taarifa Ltd said it does not plan to acquire the remaining shares in NMG or delist the company from regional stock exchanges.
NMG shares are currently cross-listed on the Nairobi Securities Exchange, the Uganda Securities Exchange, the Dar es Salaam Stock Exchange and the Rwanda Securities Exchange.
NMG was founded by Prince Karim al‑Hussaini, Aga Khan IV - the 49th hereditary Imam of the Shia Nizari Ismaili Muslims - with the aim of providing Kenya with a free and independent press during the final years of colonial rule.
The organisation began with the Kiswahili-language newspaper Taifa Leo and expanded into one of Africa’s most influential media houses. Today the group operates more than 30 brands across multiple platforms, reaching over 62 million digital users and employing more than 1,000 professionals across the region.
The first issue of the Daily Nation was published on March 20, 1960, and the company later became one of the first media houses in Africa to list on a securities exchange when it joined the Nairobi Securities Exchange in 1973.
Throughout its history, the company has played a significant role in Kenya’s democratic development, including coverage of the country’s transition to multiparty politics in the 1990s and public education during the 2010 constitutional referendum.
Aga Khan the IV died on February 4, 2025, at the age of 88 and was succeeded by his eldest son, Prince Rahim al‑Hussaini, who became the 50th Imam of the Shia Nizari Ismaili Muslims.
A year into his leadership, the Aga Khan appears to have decided to cut his tail early from the loss-making media conglomerate.
Aziz, the incoming majority shareholder, is one of East Africa’s most prominent entrepreneurs, with business interests spanning media, mining, telecommunications, agriculture, real estate, port facilities, energy and construction.
He previously co-founded Mwananchi Communications Limited in Tanzania, helping establish the Mwananchi, The Citizen and Mwanaspoti newspapers before the company was later acquired by Nation Media Group.
He currently also holds interests in Habari Corporation, another Tanzanian media house.
“We are honoured and deeply committed to becoming the majority shareholder of Nation Media Group,” Aziz said.
“NMG is an institution of profound importance to East Africa, and we will uphold its editorial independence while investing in its continued success as the region's leading independent media organisation.”
NMG Chief Executive Officer Geoffrey Odundo said the company’s operations would continue uninterrupted during the transition.
“Our work will continue with the same focus and responsibility that have defined the Nation for decades. The board and management will continue to oversee the company, while our teams across the region will remain committed to delivering credible journalism and content that empowers and influences the societies we serve,” Odundo said.
